Hey Steemians
Like many of you, i'm a big advocate of cryptocurrency and its adoption and while we are still in the early stages and it can be painful with the state of the tech and functionality it's still kinda awesome to watch it develop before your very eyes. The concept and use of peer to peer transactions have really made us think differently about the way we handle money and slowly but surely traditional banking systems could be rendered obsolete.
One of the major advantages centralised systems had over blockchain based finances was the ability to verify debt orders since Peer to Peer transactions need sign off a user would have to submit each time a payment needed to be made which is kind of a pain. This stumbling block has kept options like IOT payments and subscription services hamstrung when it comes to blockchain applications, well until now that is.
PullContracts
PumaPay, a cryptocurrency and payment provider has looked into the issue and created its own version of a debit order which it calls PullContracts
PullContracts are smart contracts that represent a payment relationship between Accounts and facilitate the transfer of tokens between them. PullContracts are designed with flexibility and can be implemented to allow many different payment mechanisms and features. These contracts allow businesses to develop their own billing methodologies through the Contract, present it to the user, authenticate the transaction before execution, and transmit it for execution on the blockchain.
The PullContract supports an advanced “pull” payment mechanism, which allows users to not only “push” their transferred cryptocurrency to other wallets, but also initiate a ‘pull-transaction’ from another Account after prior authorization has been given.
Pretty cool way to circumvent the debit order system. From my understanding, you would load up this Smart Contract with funds and it would execute each time a subscription payment request is triggered
How did PumaPay announce this cool piece of tech? By selling PornHub subscriptions no less
Canadian adult entertainment streaming website Pornhub has announced a partnership with cryptocurrency payment and billing startup PumaPay to enable its users payments in cryptocurrencies, according to a tweet August 23.
PornHub introduces PumaPay PullContracts
Pornhub will now be accepting PumaPay, with its “unique” pull payment protocol that will allow users to automatically pay for their subscriptions, including PornHub Premium. PornHub promoted the partnership with a YouTube video entitled “Pornhub and PumaPay Save the World.”
The move follows a similar agreement with cryptocurrency Verge (XVG) completed in April. The partnership with Verge allows customers to pay with the coin for Pornhub Premium and all purchases within the product but had no option for subscription based payments.
Since then XVG has done pretty much zero and has been penetrated by hackers twice losing millions in the process, so nothing really has come of this partnership then. I'd be surprised if even 1% of PornHub subscribers bothered to buy bitcoin, exchange it for verge and then buy a PornHub subscription, seems like a really painful process, but hey if you're into the kinky stuff, go ahead punish yourself.
Have your say
What do you think of PullContracts? Do you think it has far-reaching implications and better applications than a subscription to the online wank bank? Why would you not look at things like the gaming industry, music or video streaming where people have no problems paying subscriptions with a much larger mainstream appeal?
Or do you think PornHub just seems to be the easy go to at this stage, seems they're willing to get into bed with just about any crypto project these days, not really surprised.
Let's connect
If you liked this post sprinkle it with an upvote or resteem
Follow me
If you don't already, consider following me
Put your votes to good use
We all can't max out our upvotes every day and a little help never hurt. Sign up to Smartsteem and sell a few of your votes each day, earn some STEEM and SBD in the process and still get in some curation rewards in STEEM Power. Check out SmartSteem
Trade Bitcoin, Ethereum, Litecoin, Doge or Dash for STEEM instantly
Check out blocktrades to quickly exchange popular cryptocurrencies for STEEM, STEEM power or STEEM Dollars or trade your STEEM, STEEM power or STEEM dollars for popular cryptocurrencies
Source: